Tom Lee's Bitmine Adds $74M in Ethereum, Declares a Crypto Bull Market 'Underway'

Key Points:

• Bitmine Immersion Technologies increased its Ethereum holdings by 27,562 ETH this week, bringing its total to nearly 6 million ETH valued at approximately $16.1 billion, representing 4.9% of Ethereum's total supply.
• Chairman Tom Lee stated that a new crypto bull market began in late June, driven by a shift from AI stocks to crypto, improved tokenization fundamentals, and the end of a four-year cycle, with Ethereum outperforming the S&P 500 significantly this quarter.
• Bitmine has maintained continuous weekly Ethereum purchases since launching its treasury strategy on June 30, 2025, and is close to achieving its goal of controlling 5% of the Ethereum network, termed the "Alchemy of 5%."
• The company’s total crypto holdings, including Bitcoin, cash, and other investments, reached $17.1 billion, making it the largest Ethereum treasury and the second-largest crypto treasury overall after Michael Saylor’s Strategy.
• Bitmine stakes about 85% of its Ethereum holdings through its MAVAN platform, generating an estimated $357 million in annualized revenue, and Chairman Tom Lee is scheduled to keynote at Korea Blockchain Week on September 30.